Stock Analysis on Net

Ulta Beauty Inc. (NASDAQ:ULTA)

This company has been moved to the archive! The financial data has not been updated since August 24, 2023.

Market Value Added (MVA)

Microsoft Excel

Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

Ulta Beauty Inc., MVA calculation

US$ in thousands

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Fair value of debt
Operating lease liability 1,903,176 1,846,756 1,896,801 1,938,347 2,285,412 2,234,521
Market value of common equity 25,799,272 20,672,932 17,030,294 9,823,188 20,422,540 12,387,744
Less: Short-term investments 110,000 120,000
Market (fair) value of Ulta Beauty 27,702,448 22,519,688 18,927,095 11,651,535 22,707,952 14,502,265
Less: Invested capital2 4,117,969 3,684,509 4,184,136 3,966,351 4,338,625 3,940,229
MVA 23,584,479 18,835,179 14,742,959 7,685,184 18,369,327 10,562,036

Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).

2 Invested capital. See details »

Item Description The company
MVA Ulta Beauty Inc. market (fair) value less invested capital. Ulta Beauty Inc. MVA increased from 2021 to 2022 and from 2022 to 2023.

MVA Spread Ratio

Ulta Beauty Inc., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)1 23,584,479 18,835,179 14,742,959 7,685,184 18,369,327 10,562,036
Invested capital2 4,117,969 3,684,509 4,184,136 3,966,351 4,338,625 3,940,229
Performance Ratio
MVA spread ratio3 572.72% 511.20% 352.35% 193.76% 423.39% 268.06%
Benchmarks
MVA Spread Ratio, Competitors4
Amazon.com Inc. 487.84% 342.01% 728.57% 1,053.43% 730.44%
Home Depot Inc. 519.24% 681.54% 631.50% 547.47% 617.70%
Lowe’s Cos. Inc. 500.68% 587.76% 457.91% 186.58% 334.01%
TJX Cos. Inc. 393.60% 333.18% 327.36% 261.07% 334.48% 289.43%

Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).

1 MVA. See details »

2 Invested capital. See details »

3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 23,584,479 ÷ 4,117,969 = 572.72%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. Ulta Beauty Inc. MVA spread ratio improved from 2021 to 2022 and from 2022 to 2023.

MVA Margin

Ulta Beauty Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)1 23,584,479 18,835,179 14,742,959 7,685,184 18,369,327 10,562,036
 
Net sales 10,208,580 8,630,889 6,151,953 7,398,068 6,716,615 5,884,506
Add: Increase (decrease) in deferred revenue 41,098 79,196 36,848 38,481 85,918
Adjusted net sales 10,249,678 8,710,085 6,188,801 7,436,549 6,802,533 5,884,506
Performance Ratio
MVA margin2 230.10% 216.25% 238.22% 103.34% 270.04% 179.49%
Benchmarks
MVA Margin, Competitors3
Amazon.com Inc. 274.96% 178.50% 312.93% 408.23% 330.23%
Home Depot Inc. 182.42% 216.66% 237.60% 181.62% 195.15%
Lowe’s Cos. Inc. 127.78% 159.89% 145.00% 69.10% 115.18%
TJX Cos. Inc. 160.71% 135.17% 227.93% 116.99% 149.26% 130.42%

Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).

1 MVA. See details »

2 2023 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × 23,584,479 ÷ 10,249,678 = 230.10%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Ulta Beauty Inc. MVA margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.